Union Budget 2019 Highlights

  • Within 2 years, Tax assessment will be done electronically
  • IT returns processing in just 24 hours
  • Minimum 14% revenue of GST to states by Central Govt.
  • Custom duty has abolished from 36 Capital Goods
  • Recommendations to GST council for reducing GST rates for home buyers
  • Full Tax rebate upto 5 lakh annual income after all deductions.
  • Standard deduction has increase from 40000 to 50000
  • Exempt on tax on second self-occupied house
  • Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
  • Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
  • Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
  • Benefit u/s 80IB has increased to one more year i.e. 2020
  • Benefit has given to unsold inventory has increased to one year to two years. Other Areas
  • State share has increased to 42%
  • PCA restriction has abolished from 3 major banks
  • 2 lakhs seats will increase for the reservation of 10%
  • 60000 crores for manrega
  • 1.7 Lakh crore to ensure food for all
  • 22nd AIIMS has to be opened in Haryana
  • Approval has to be given to PM Kisan Yojana
  • Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
  • National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
  • 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
  • 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
  • Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
  • Bonus will be applicable for workers earning 21000 monthly
  • The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured
  • monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
  • Our government delivered 6 crores free LPG connections under Ujjawala scheme
  • 2% interest relief for MSME GST registered person
  • 26 weeks of Maternity Leaves to empower the women
  • More than 3 Lakhs crores for defence
  • One lakh digital villages in next 5 years
  • Single window for approval of India film makers